ADDENDUM No.2 To Bareboat Charter Party dated 14th February, 2023
Exhibit 99.15
ADDENDUM No.2
To
MV Navios Xxxxx
Bareboat Charter Party dated 14th February, 2023
This Addendum, is made and entered into this 29 day of June, 2023 by and between Koufonisi Shipping Corporation of the Republic of the Xxxxxxxx Islands (hereinafter called the “Charterers”) and GLORY OCEAN SHIPPING S.A. of the Republic of Panama (as to 99.0% shares) and TEMM MARITIME CO., LTD. of Japan (as to 1.0% shares) (hereinafter called the “Owners”),
WITNESSETH;
WHEREAS, the Charterers and the Owners have entered into a certain bareboat charter party and rider clause dated 14th February, 2023 (hereinafter called the “BBCP”) for the bareboat charter of one (1) 180,200 DWT BULK CARRIER named as MV Xxxxxx Xxxxx, and
WHEREAS, the Financial Conduct Authority (FCA) responsible for supervising LIBOR has announced on 5th March, 2021 that the publication of USD LIBOR will cease, and 1 month ICE LIBOR will cease to be published on 30th June 2023, and
WHEREAS, due to the upcoming cessation of USD LIBOR publication, the Charterers and the Owners desire to agree to change interest rate of the charter hire of the BBCP from “1 month ICE LIBOR + 2.0%” to “1 month CME TERM SOFR + (2.0%+0.11448%)”.
NOW THEREFORE, notwithstanding anything contained in the BBCP, it is mutually agreed and confirmed by the parties hereto that:
| 1. | Clause 35(ii) shall be amended as per following. |
35. CHRTER HIRE
Monthly Hire Rate
(ii) Monthly Variable Hire is calculated from the number of the days in any relevant month, and daily variable hire in accordance with the following formula:
Monthly Variable Hire = Daily Variable Hire x the number of the days in the relevant month
Daily Variable Hire = Charter Principal Balance x (2.11448% + one (1) month CME TERM SOFR as applicable for the month in respect of which such Daily Variable Hire is to be calculated) / 360
Applicable one (1) month CME TERM SOFR to be confirmed ten (10) Banking Days prior to hire due date. The Owners shall notify the Charterers in writing of the Monthly Variable Hire due on any due date for hire by sending to the Charterers a duly issued invoice for that Monthly Variable Hire and Monthly Fixed Hire at least four (4) Banking Days before such due date.
Charter Principal Balance means US$32,000,000.- less the aggregate Monthly Fixed Hire as has at any relevant time been paid to the Owners for Vessel.
Should the CME TERM SOFR fail to negative interest rate, zero (0) is to be applied as CME TERM SOFR.
| 2. | Effective date |
This Addendum shall be effective on and from the date of its execution by both parties, and the interest rate shall be changed from the 6th hire with the interest period of 9th August, 2023 through 9th September, 2023.
| 3. | GOVERNING LAW |
This Addendum shall be governed by and construed in accordance with English Law. The arbitration provision of Clause 30 of the BBCP shall apply mutatis mutandis to this Addendum.
| 4. | All other terms and conditions in the said BBCP shall remain unaltered and in full force. |
IN WITNESS WHEREOF, the parties hereto have caused this Addendum to be duly executed on the day and year first above written.
| Signature (Owners) | Signature (Charterers) | |||
| GLORY OCEAN SHIPPING S.A. (as to 99.0% shares) |
Koufonisi Shipping Corporation | |||
| /s/ Xxxxxxxx Xxxxxx By: Xxxxxxxx Xxxxxx Title: Director/President |
/s/ Xxxxxxxx Xxxxxxxxx By: Title: | |||
| TEMM MARITIME CO., LTD. (as to 1.0% share) |
| /s/ Xxxxxxx Xxxx By: Xxxxxxx Xxxx Title: President |
